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Ask the Right Questions When Buying a Business
From the beginning, when buying a business, determine whether you’ll be purchasing the assets rather than the business itself. If the current owner is an LLC or corporation, offer to buy the assets related to the business, rather than shares of stock, and establish a new company as the official purchaser. By doing this, you will be treated more favorably at tax time, because your “tax basis” regarding those assets will be what you paid for them. In addition, if the seller is being sued by anyone or has debts to pay, those liabilities will not be your problem if you take that step.
(Source: smallbizdiamonds.com)
I'm a lover of everything small business, small biz writer, in search of and offering small biz jewels and diamonds. Got small biz jewels or diamonds? Send them to ashley@smallbizdiamonds.com
